NEW YORK (TheStreet) -- What's the secret to successful bargain hunting? Jim Cramer told his Mad Money viewers Wednesday that all they need to do is look at last quarter's winners.

Cramer said Williams Companies (WMB) was the top performer last quarter, and this oil and natural gas pipeline powerhouse is still a buy. Cramer was also bullish on the number two performer, Newfield Exploration (NFX), which is growing production at 28% a year.

Other standouts from last quarter include Micron Technology (MU) and Sandisk (SNDK). Cramer said both these stocks are buys on weakness. He was also bullish on Anadarko Petroleum (APC), a stock he owns for his charitable trust, Action Alerts PLUS.

Cramer told viewers to sell Iron Mountain (IRM) because that story has played out, but he still likes Vertex Pharmaceuticals (VTRX) and Molson Coors (TAP) as beer sales continue to rebound.

Reinventing Alcoa

Companies really can reinvent themselves, Cramer told viewers, sometimes even without a push from activist investors. That has certainly been the case with Alcoa (AA), a stock that popped 5.7% today on another strong quarter, offering investors a 40% gain for the year.

Cramer said Alcoa continues to reinvent itself: First by lowering costs, thanks to closing high cost plants and boosting earnings per share, but also by innovating, creating new metals and new uses for aluminum in everything from cars and aircraft to contraction and consumer products.

Alcoa's transformation is only just beginning, Cramer concluded, which is why he continues to be a fan of the company and its CEO.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang over the direction of the biotechs, namely Biogen Idec (BIIB), Regeneron (REGN), Celgene (CELG) and Gilead Sciences (GILD).

Looking at Biogen Idec, Lang noted a series of higher highs and higher lows since the group bottomed in April. Lang felt this made the ideal place to buy given the stock's recent weakness. Shares have a ceiling of resistance at $334 a share but should see smooth sailing thereafter.

Lang's research showed that Regeneron has heavy resistance at $315 a share but is showing strong positive trends. He felt there's plenty of upside in this stock up to $352 a share.

As for Gilead, which just hit new highs, Lang noted an inverse head-and-shoulders pattern, one that has been historically very reliable. He felt the stock could see a 14% move higher to $102 as the MACD momentum indicator showed a bullish crossover in June. Lang did note the Williams oscillator showed an overbought condition, which made him recommend waiting for a pullback before buying.

Finally, Lang felt Celgene was also a strong performer, with the Williams oscillator showing an overbought condition for the last six weeks in a row. Here, too, Lang felt waiting for a pullback would be prudent.

Cramer said he agreed with Lang's research, although he felt the pullbacks may be very short-lived in these hot commodities.

Executive Decision: David Pyott

For his "Executive Decision" segment, Cramer sat down with David Pyott, chairman and CEO of Allergan (AGN), to discuss the takeover bid from Valeant Pharmaceuticals (VRX) as well as the rest of Allergan's business.

Pyott said Allergan has just begun a significant restructuring effort. He said investors wanted the company to do more to increase value and that's what it plans to do. He also noted Allergan's strong balance sheet, which the company plans on putting to use on a strategic acquisition to further bring value to shareholders.

When asked what the criteria would be for such an acquisition, Pyott said the company must be specialized with differentiated technology and a growth profile that matches Allergan's. He said the company's tax benefits would not be a major factor, only the value the combined companies would create.

As for the numerous efforts by Valeant to acquire Allergan, Pyott said Allergan seriously questions Valeant's long-term sustainability. He said the company has a pattern of heavy cost cutting that results in value destruction over the long term. In the case of Allergan, Valeant has proposed a 90% reduction in the company's research and development budget, something Pyott said is causing concerns among the physicians with whom the company works.

Lightning Round

Executive Decision: Thomas Watjen

In his second "Executive Decision" segment, Cramer sat down with Thomas Watjen, president and CEO of Unum Group (UNM), the insurer that Cramer called a slow and steady company growing at 8.5% a year but trades at just nine times earnings with a 1.6% dividend and a stock buyback to boot.

Watjen said Unum provides shareholders with great franchises and has a history of returning its solid earnings to shareholders.

Watjen said that while many fear the Affordable Care Act, in fact the new laws only deferred revenue. He said companies are back to doing business and there's still plenty of money to be made by offering accident and disability insurance to workers.

Watjen noted Unum's business in the UK, as well as its legacy business, both continue to contribute to his company's success.

Cramer said Unum offers investors lots of ways to win and he likes this slow but consistent company.